AuthenticationProtector HOC breaks HMR due to always re-mounted - why?

AuthenticationProtector.js

import React, { Component } from 'react'
import { connect } from 'react-redux'

// USING this component breaks our HMR - it does reload but local state is lost;
// due to that _this_ component always remounts - why?

// this is a SIMPLIFIED example of our
// HOC component for guarding access to Pages;
// heavily inspired by:
// https://codeburst.io/react-router-v4-unofficial-migration-guide-5a370b8905a#e85f

// usage:
// AuthenticationProtector(MyProtectedPage)
// NOTE: above usage breaks HMR for MyProtected page; removing the HOC wrapping it works as it should.
class AuthenticationProtector extends Component {
  constructor () {
    super()
    this.state = { redirecting: true }
  }
  componentWillMount () {
    this.checkAuthentication(this.props)
  }
  componentWillReceiveProps (nextProps) {
    if (nextProps.location !== this.props.location) {
      this.checkAuthentication(this.props)
    }
  }
  checkAuthentication () {
    // do checks, if the user don't have access to the page
    if (needToRedirectToProtect) {
      history.replace(/* redirect here */)
      return
    }

    // if non of the authentication guards triggered
    // - continue to the (base) page
    this.setState({ redirecting: false })
  }

  render () {
    const { redirecting } = this.state
    // NOTE: always render the full component here ONLY FOR DEV,
    // otherwise it gets unmounted and mounted again on HMR save,
    // causing local state to be lost
    if (IS_PROD && redirecting) {
      // or perhaps a spinner here
      return null
    }
    return <this.props.BaseComponent {...this.props} />
  }
}

export default function (
  BaseComponent
) {
  function mapStateToProps ({ loggedInUser }) {
    return { loggedInUser, BaseComponent }
  }
  return connect(mapStateToProps)(AuthenticationProtector)
}
// trying to resurrect HMR, to no avail (so far)....
export { AuthenticationProtector }

Note that the example component itself in the article I linked to (https://codeburst.io/react-router-v4-unofficial-migration-guide-5a370b8905a) also breaks HMR (inlining the HOC class definition inside the export function.