diff --git a/CHANGELOG.md b/CHANGELOG.md
index f6e6e949f..777c77960 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,25 @@
+## [3.2.23](https://github.com/vuejs/vue-next/compare/v3.2.22...v3.2.23) (2021-11-26)
+
+
+### Bug Fixes
+
+* **reactivity:** retain readonly proxies when setting as reactive property ([d145128](https://github.com/vuejs/vue-next/commit/d145128ab400f4563eb3727626d0942ea5f4980a)), closes [#4986](https://github.com/vuejs/vue-next/issues/4986)
+* **runtime-core:** fix component public instance has check for accessed non-existent properties ([aac0466](https://github.com/vuejs/vue-next/commit/aac0466cb8819fd132fbcc9c4d3e1014c14e2ad8)), closes [#4962](https://github.com/vuejs/vue-next/issues/4962)
+* **runtime-core:** handle error in async KeepAlive hooks ([#4978](https://github.com/vuejs/vue-next/issues/4978)) ([820a143](https://github.com/vuejs/vue-next/commit/820a14345798edc0ab673bae8ce3181e479d9cca))
+* **runtime-dom:** fix option element value patching edge case ([#4959](https://github.com/vuejs/vue-next/issues/4959)) ([89b2f92](https://github.com/vuejs/vue-next/commit/89b2f924fc82d7f71dcb8ffbacb386fd5cf9ade2)), closes [#4956](https://github.com/vuejs/vue-next/issues/4956)
+* **runtime-dom:** patchDOMProps should not set _value if element is custom element ([#4839](https://github.com/vuejs/vue-next/issues/4839)) ([1701bf3](https://github.com/vuejs/vue-next/commit/1701bf3968f001dd3a2bc9f41e3e7e0f1b13e922))
+* **types:** export ref-macros.d.ts ([1245709](https://github.com/vuejs/vue-next/commit/124570973df4ddfdd38e43bf1e92b9710321e5d9))
+* **types:** fix propType<any> type inference ([#4985](https://github.com/vuejs/vue-next/issues/4985)) ([3c449cd](https://github.com/vuejs/vue-next/commit/3c449cd408840d35987fb32b39737fbf093809d6)), closes [#4983](https://github.com/vuejs/vue-next/issues/4983)
+* **types:** scrip-setup+ts: ensure proper handling of `null` as default prop value. ([#4979](https://github.com/vuejs/vue-next/issues/4979)) ([f2d2d7b](https://github.com/vuejs/vue-next/commit/f2d2d7b2d236f256531ae9ad2048bd939c92d834)), closes [#4868](https://github.com/vuejs/vue-next/issues/4868)
+
+
+### Features
+
+* **compiler-sfc:** export resolveTemplateUsageCheckString for HMR plugin use ([#4908](https://github.com/vuejs/vue-next/issues/4908)) ([c61baac](https://github.com/vuejs/vue-next/commit/c61baac75a03b938bc728a8de961ba93736a0ff6))
+* **compiler-sfc:** expose properties for more accurate HMR ([68c45e7](https://github.com/vuejs/vue-next/commit/68c45e73da902e715df9614800a7ab43d6579198)), closes [#4358](https://github.com/vuejs/vue-next/issues/4358) [#4908](https://github.com/vuejs/vue-next/issues/4908)
+
+
+
 ## [3.2.22](https://github.com/vuejs/vue-next/compare/v3.2.21...v3.2.22) (2021-11-15)
 
 
diff --git a/package.json b/package.json
index b7644caf1..91d3ac1b9 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "private": true,
-  "version": "3.2.22",
+  "version": "3.2.23",
   "scripts": {
     "dev": "node scripts/dev.js",
     "build": "node scripts/build.js",
diff --git a/packages/compiler-core/package.json b/packages/compiler-core/package.json
index ccf382947..2f8573b02 100644
--- a/packages/compiler-core/package.json
+++ b/packages/compiler-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-core",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/compiler-core",
   "main": "index.js",
   "module": "dist/compiler-core.esm-bundler.js",
@@ -32,7 +32,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/compiler-core#readme",
   "dependencies": {
-    "@vue/shared": "3.2.22",
+    "@vue/shared": "3.2.23",
     "@babel/parser": "^7.15.0",
     "estree-walker": "^2.0.2",
     "source-map": "^0.6.1"
diff --git a/packages/compiler-dom/package.json b/packages/compiler-dom/package.json
index f9bd8bbc2..9ab4aaa5d 100644
--- a/packages/compiler-dom/package.json
+++ b/packages/compiler-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-dom",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/compiler-dom",
   "main": "index.js",
   "module": "dist/compiler-dom.esm-bundler.js",
@@ -37,7 +37,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/compiler-dom#readme",
   "dependencies": {
-    "@vue/shared": "3.2.22",
-    "@vue/compiler-core": "3.2.22"
+    "@vue/shared": "3.2.23",
+    "@vue/compiler-core": "3.2.23"
   }
 }
diff --git a/packages/compiler-sfc/package.json b/packages/compiler-sfc/package.json
index 48f547b11..59ddbc236 100644
--- a/packages/compiler-sfc/package.json
+++ b/packages/compiler-sfc/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-sfc",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/compiler-sfc",
   "main": "dist/compiler-sfc.cjs.js",
   "module": "dist/compiler-sfc.esm-browser.js",
@@ -33,11 +33,11 @@
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/compiler-sfc#readme",
   "dependencies": {
     "@babel/parser": "^7.15.0",
-    "@vue/compiler-core": "3.2.22",
-    "@vue/compiler-dom": "3.2.22",
-    "@vue/compiler-ssr": "3.2.22",
-    "@vue/ref-transform": "3.2.22",
-    "@vue/shared": "3.2.22",
+    "@vue/compiler-core": "3.2.23",
+    "@vue/compiler-dom": "3.2.23",
+    "@vue/compiler-ssr": "3.2.23",
+    "@vue/ref-transform": "3.2.23",
+    "@vue/shared": "3.2.23",
     "estree-walker": "^2.0.2",
     "magic-string": "^0.25.7",
     "source-map": "^0.6.1",
diff --git a/packages/compiler-ssr/package.json b/packages/compiler-ssr/package.json
index b4091cb74..0a2ed6d42 100644
--- a/packages/compiler-ssr/package.json
+++ b/packages/compiler-ssr/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-ssr",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/compiler-ssr",
   "main": "dist/compiler-ssr.cjs.js",
   "types": "dist/compiler-ssr.d.ts",
@@ -28,7 +28,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/compiler-ssr#readme",
   "dependencies": {
-    "@vue/shared": "3.2.22",
-    "@vue/compiler-dom": "3.2.22"
+    "@vue/shared": "3.2.23",
+    "@vue/compiler-dom": "3.2.23"
   }
 }
diff --git a/packages/reactivity/package.json b/packages/reactivity/package.json
index 18355fa3b..6e26d7f61 100644
--- a/packages/reactivity/package.json
+++ b/packages/reactivity/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/reactivity",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/reactivity",
   "main": "index.js",
   "module": "dist/reactivity.esm-bundler.js",
@@ -36,6 +36,6 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/reactivity#readme",
   "dependencies": {
-    "@vue/shared": "3.2.22"
+    "@vue/shared": "3.2.23"
   }
 }
diff --git a/packages/ref-transform/package.json b/packages/ref-transform/package.json
index 08e65f865..56caf505e 100644
--- a/packages/ref-transform/package.json
+++ b/packages/ref-transform/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/ref-transform",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/ref-transform",
   "main": "dist/ref-transform.cjs.js",
   "files": [
@@ -29,8 +29,8 @@
   "homepage": "https://github.com/vuejs/vue-next/tree/dev/packages/ref-transform#readme",
   "dependencies": {
     "@babel/parser": "^7.15.0",
-    "@vue/compiler-core": "3.2.22",
-    "@vue/shared": "3.2.22",
+    "@vue/compiler-core": "3.2.23",
+    "@vue/shared": "3.2.23",
     "estree-walker": "^2.0.2",
     "magic-string": "^0.25.7"
   },
diff --git a/packages/runtime-core/package.json b/packages/runtime-core/package.json
index c5bb243e6..656f63967 100644
--- a/packages/runtime-core/package.json
+++ b/packages/runtime-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-core",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/runtime-core",
   "main": "index.js",
   "module": "dist/runtime-core.esm-bundler.js",
@@ -32,7 +32,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/runtime-core#readme",
   "dependencies": {
-    "@vue/shared": "3.2.22",
-    "@vue/reactivity": "3.2.22"
+    "@vue/shared": "3.2.23",
+    "@vue/reactivity": "3.2.23"
   }
 }
diff --git a/packages/runtime-dom/package.json b/packages/runtime-dom/package.json
index 38423f3d2..65e5ecf2e 100644
--- a/packages/runtime-dom/package.json
+++ b/packages/runtime-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-dom",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/runtime-dom",
   "main": "index.js",
   "module": "dist/runtime-dom.esm-bundler.js",
@@ -35,8 +35,8 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/runtime-dom#readme",
   "dependencies": {
-    "@vue/shared": "3.2.22",
-    "@vue/runtime-core": "3.2.22",
+    "@vue/shared": "3.2.23",
+    "@vue/runtime-core": "3.2.23",
     "csstype": "^2.6.8"
   }
 }
diff --git a/packages/runtime-test/package.json b/packages/runtime-test/package.json
index aeab88bd9..16ff28cda 100644
--- a/packages/runtime-test/package.json
+++ b/packages/runtime-test/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-test",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/runtime-test",
   "private": true,
   "main": "index.js",
@@ -25,7 +25,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/runtime-test#readme",
   "dependencies": {
-    "@vue/shared": "3.2.22",
-    "@vue/runtime-core": "3.2.22"
+    "@vue/shared": "3.2.23",
+    "@vue/runtime-core": "3.2.23"
   }
 }
diff --git a/packages/server-renderer/package.json b/packages/server-renderer/package.json
index 123574022..d171b9945 100644
--- a/packages/server-renderer/package.json
+++ b/packages/server-renderer/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/server-renderer",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "@vue/server-renderer",
   "main": "index.js",
   "module": "dist/server-renderer.esm-bundler.js",
@@ -31,10 +31,10 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/server-renderer#readme",
   "peerDependencies": {
-    "vue": "3.2.22"
+    "vue": "3.2.23"
   },
   "dependencies": {
-    "@vue/shared": "3.2.22",
-    "@vue/compiler-ssr": "3.2.22"
+    "@vue/shared": "3.2.23",
+    "@vue/compiler-ssr": "3.2.23"
   }
 }
diff --git a/packages/sfc-playground/package.json b/packages/sfc-playground/package.json
index c40350cc3..6e425e737 100644
--- a/packages/sfc-playground/package.json
+++ b/packages/sfc-playground/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/sfc-playground",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "private": true,
   "scripts": {
     "dev": "vite",
@@ -11,7 +11,7 @@
     "@vitejs/plugin-vue": "^1.9.3"
   },
   "dependencies": {
-    "vue": "3.2.22",
+    "vue": "3.2.23",
     "@vue/repl": "^0.4.4",
     "file-saver": "^2.0.5",
     "jszip": "^3.6.0"
diff --git a/packages/shared/package.json b/packages/shared/package.json
index 05df8729f..9a961d1b1 100644
--- a/packages/shared/package.json
+++ b/packages/shared/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/shared",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "internal utils shared across @vue packages",
   "main": "index.js",
   "module": "dist/shared.esm-bundler.js",
diff --git a/packages/size-check/package.json b/packages/size-check/package.json
index 1faa5490e..d6c2724bd 100644
--- a/packages/size-check/package.json
+++ b/packages/size-check/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/size-check",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "private": true,
   "scripts": {
     "build": "vite build"
diff --git a/packages/template-explorer/package.json b/packages/template-explorer/package.json
index 42290f87e..bf7fc9272 100644
--- a/packages/template-explorer/package.json
+++ b/packages/template-explorer/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/template-explorer",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "private": true,
   "buildOptions": {
     "formats": [
diff --git a/packages/vue-compat/package.json b/packages/vue-compat/package.json
index 46cedf241..9ed231bbb 100644
--- a/packages/vue-compat/package.json
+++ b/packages/vue-compat/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compat",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "Vue 3 compatibility build for Vue 2",
   "main": "index.js",
   "module": "dist/vue.runtime.esm-bundler.js",
@@ -38,6 +38,6 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/vue-compat#readme",
   "peerDependencies": {
-    "vue": "3.2.22"
+    "vue": "3.2.23"
   }
 }
diff --git a/packages/vue/package.json b/packages/vue/package.json
index bc2b8e7b0..f1607b63b 100644
--- a/packages/vue/package.json
+++ b/packages/vue/package.json
@@ -1,6 +1,6 @@
 {
   "name": "vue",
-  "version": "3.2.22",
+  "version": "3.2.23",
   "description": "The progressive JavaScript framework for buiding modern web UI.",
   "main": "index.js",
   "module": "dist/vue.runtime.esm-bundler.js",
@@ -62,10 +62,10 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/vue#readme",
   "dependencies": {
-    "@vue/shared": "3.2.22",
-    "@vue/compiler-dom": "3.2.22",
-    "@vue/runtime-dom": "3.2.22",
-    "@vue/compiler-sfc": "3.2.22",
-    "@vue/server-renderer": "3.2.22"
+    "@vue/shared": "3.2.23",
+    "@vue/compiler-dom": "3.2.23",
+    "@vue/runtime-dom": "3.2.23",
+    "@vue/compiler-sfc": "3.2.23",
+    "@vue/server-renderer": "3.2.23"
   }
 }
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index 1fd96811e..6ccb63275 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -100,7 +100,7 @@ importers:
     specifiers:
       '@babel/parser': ^7.15.0
       '@babel/types': ^7.15.0
-      '@vue/shared': 3.2.22
+      '@vue/shared': 3.2.23
       estree-walker: ^2.0.2
       source-map: ^0.6.1
     dependencies:
@@ -113,8 +113,8 @@ importers:
 
   packages/compiler-dom:
     specifiers:
-      '@vue/compiler-core': 3.2.22
-      '@vue/shared': 3.2.22
+      '@vue/compiler-core': 3.2.23
+      '@vue/shared': 3.2.23
     dependencies:
       '@vue/compiler-core': link:../compiler-core
       '@vue/shared': link:../shared
@@ -125,12 +125,12 @@ importers:
       '@babel/types': ^7.15.0
       '@types/estree': ^0.0.48
       '@types/lru-cache': ^5.1.0
-      '@vue/compiler-core': 3.2.22
-      '@vue/compiler-dom': 3.2.22
-      '@vue/compiler-ssr': 3.2.22
+      '@vue/compiler-core': 3.2.23
+      '@vue/compiler-dom': 3.2.23
+      '@vue/compiler-ssr': 3.2.23
       '@vue/consolidate': ^0.17.3
-      '@vue/ref-transform': 3.2.22
-      '@vue/shared': 3.2.22
+      '@vue/ref-transform': 3.2.23
+      '@vue/shared': 3.2.23
       estree-walker: ^2.0.2
       hash-sum: ^2.0.0
       lru-cache: ^5.1.1
@@ -168,15 +168,15 @@ importers:
 
   packages/compiler-ssr:
     specifiers:
-      '@vue/compiler-dom': 3.2.22
-      '@vue/shared': 3.2.22
+      '@vue/compiler-dom': 3.2.23
+      '@vue/shared': 3.2.23
     dependencies:
       '@vue/compiler-dom': link:../compiler-dom
       '@vue/shared': link:../shared
 
   packages/reactivity:
     specifiers:
-      '@vue/shared': 3.2.22
+      '@vue/shared': 3.2.23
     dependencies:
       '@vue/shared': link:../shared
 
@@ -184,8 +184,8 @@ importers:
     specifiers:
       '@babel/core': ^7.15.0
       '@babel/parser': ^7.15.0
-      '@vue/compiler-core': 3.2.22
-      '@vue/shared': 3.2.22
+      '@vue/compiler-core': 3.2.23
+      '@vue/shared': 3.2.23
       estree-walker: ^2.0.2
       magic-string: ^0.25.7
     dependencies:
@@ -199,16 +199,16 @@ importers:
 
   packages/runtime-core:
     specifiers:
-      '@vue/reactivity': 3.2.22
-      '@vue/shared': 3.2.22
+      '@vue/reactivity': 3.2.23
+      '@vue/shared': 3.2.23
     dependencies:
       '@vue/reactivity': link:../reactivity
       '@vue/shared': link:../shared
 
   packages/runtime-dom:
     specifiers:
-      '@vue/runtime-core': 3.2.22
-      '@vue/shared': 3.2.22
+      '@vue/runtime-core': 3.2.23
+      '@vue/shared': 3.2.23
       csstype: ^2.6.8
     dependencies:
       '@vue/runtime-core': link:../runtime-core
@@ -217,16 +217,16 @@ importers:
 
   packages/runtime-test:
     specifiers:
-      '@vue/runtime-core': 3.2.22
-      '@vue/shared': 3.2.22
+      '@vue/runtime-core': 3.2.23
+      '@vue/shared': 3.2.23
     dependencies:
       '@vue/runtime-core': link:../runtime-core
       '@vue/shared': link:../shared
 
   packages/server-renderer:
     specifiers:
-      '@vue/compiler-ssr': 3.2.22
-      '@vue/shared': 3.2.22
+      '@vue/compiler-ssr': 3.2.23
+      '@vue/shared': 3.2.23
     dependencies:
       '@vue/compiler-ssr': link:../compiler-ssr
       '@vue/shared': link:../shared
@@ -237,7 +237,7 @@ importers:
       '@vue/repl': ^0.4.4
       file-saver: ^2.0.5
       jszip: ^3.6.0
-      vue: 3.2.22
+      vue: 3.2.23
     dependencies:
       '@vue/repl': 0.4.4
       file-saver: 2.0.5
@@ -265,11 +265,11 @@ importers:
 
   packages/vue:
     specifiers:
-      '@vue/compiler-dom': 3.2.22
-      '@vue/compiler-sfc': 3.2.22
-      '@vue/runtime-dom': 3.2.22
-      '@vue/server-renderer': 3.2.22
-      '@vue/shared': 3.2.22
+      '@vue/compiler-dom': 3.2.23
+      '@vue/compiler-sfc': 3.2.23
+      '@vue/runtime-dom': 3.2.23
+      '@vue/server-renderer': 3.2.23
+      '@vue/shared': 3.2.23
     dependencies:
       '@vue/compiler-dom': link:../compiler-dom
       '@vue/compiler-sfc': link:../compiler-sfc