diff -r 919a4b7f531d -r 14f077f7519a mercurial/demandimport.py
--- a/mercurial/demandimport.py	Sat Aug 06 15:00:34 2016 -0700
+++ b/mercurial/demandimport.py	Sat Aug 06 22:24:33 2016 +0900
@@ -117,7 +117,8 @@
                 if '.' in p:
                     h, t = p.split('.', 1)
                 if getattr(mod, h, nothing) is nothing:
-                    setattr(mod, h, _demandmod(p, mod.__dict__, mod.__dict__))
+                    setattr(mod, h, _demandmod(p, mod.__dict__, mod.__dict__,
+                                               level=1))
                 elif t:
                     subload(getattr(mod, h), t)
 
@@ -210,8 +211,8 @@
             mod = rootmod
             for comp in modname.split('.')[1:]:
                 if getattr(mod, comp, nothing) is nothing:
-                    setattr(mod, comp,
-                            _demandmod(comp, mod.__dict__, mod.__dict__))
+                    setattr(mod, comp, _demandmod(comp, mod.__dict__,
+                                                  mod.__dict__, level=1))
                 mod = getattr(mod, comp)
             return mod