Qemu WinXP SP3 second loadvm freezes Guest OS

Using Qemu-system-i386 to run WinXP SP3 with the following command line:

qemu-system-i386 -hda qcow2/windowsxp_32bits_dd.qcow2 -m 1024  -net user,smb=/shared -vga std -net nic,model=rtl8139 -rtc base=localtime,clock=vm -s -snapshot

savevm works fine, and the first loadvm to the snapshot works properly, but the next ones will all freeze the guest OS.

First I thought it was due to the clock but adding the rtc options did not fix it.