This is a <code>code span <b>with</b> &lt;entities&gt; that should be preserved</code>.
This is a <code>simple code</code> span.

<p>Some <code>&lt;</code></p>

<pre>Some very important <b>&lt;</b> thing</pre>

<pre><code>Some code<span>&sdot;</span>&sdot;
</code></pre>