diff --git a/encoding.lua b/encoding.lua
index 32abd60..820aa46 100644
--- a/encoding.lua
+++ b/encoding.lua
@@ -259,9 +259,13 @@ function AnsiToUtf8(s)
 end
 
 function Utf8ToAnsi(s)
-	local a, j, r, b, scope = 0, 0, ""
+	local r, b = ""
+	local scope
+	local j, l, u
 	for i = 1, s and s:len() or 0 do
 		b = s:byte(i)
+
+		-- legacy parser
 		if b == 0x26 then
 			r = r .. "&"
 		elseif b < 128 then
@@ -275,15 +279,53 @@ function Utf8ToAnsi(s)
 				scope = scope[b]
 				if "string" == type(scope) then
 					r, scope = r .. scope
+					j = -1 -- supress general UTF-8 parser
 				end
 			else
-				r, scope = r .. "_"
+				scope = nil
 			end
 		elseif utf8_decode[b] then
 			scope = utf8_decode[b]
-		else
-			r = r .. "_"
 		end
+
+		-- general UTF-8 parser
+		if j == -1 then -- supressed by legacy parser
+			j, l, u = nil
+		elseif b < 0x80 then
+			if j then
+				r = r .. "&#ufffd;"
+				j, l, u = nil
+			end
+			-- ASCII handled by legacy parser
+		elseif b >= 0xc0 then
+			if j then
+				r = r .. "&#ufffd;"
+			end
+			j = i
+			if b >= 0xf8 then
+				r = r .. "&#ufffd;"
+				j, l, u = nil
+			elseif b >= 0xf0 then
+				l, u = 4, b % (2 ^ 3)
+			elseif b >= 0xe0 then
+				l, u = 3, b % (2 ^ 4)
+			else
+				l, u = 2, b % (2 ^ 5)
+			end
+		else
+			if j then
+				u = u * (2 ^ 6) + b % (2 ^ 6)
+				if i == j + l - 1 then
+					r = r .. string.format("&#u%x;", u)
+					j, l, u = nil
+				end
+			else
+				r = r .. "&#ufffd;"
+			end
+		end
+	end
+	if j then
+		r = r .. "&#ufffd;"
 	end
 	return r
 end