Sub HyperlinkToParagraph1()
Application.ScreenUpdating = False
Dim i As Long, Rng As Range
With ActiveDocument
  For i = .Hyperlinks.Count To 1 Step -1
    With .Hyperlinks(i)
      Set Rng = .Range
      
      'Rng.InsertAfter ": "
      
      'Rng.InsertAfter " <a href = "   ">


      Rng.MoveEndUntil cset 
  
      
      Rng.Collapse wdCollapseEnd
      Rng.FormattedText = .Range.FormattedText
      Rng.Hyperlinks(1).TextToDisplay = .Address
      Rng.InsertAfter "</a>"
      
      .Range.Fields(1).Unlink
    End With
  Next
End With
Application.ScreenUpdating = True

End Sub

Sub HyperlinkToHRef()
Application.ScreenUpdating = False
With ActiveDocument
  While .Hyperlinks.Count > 0
    With .Hyperlinks(1)
      .Range.InsertAfter "<a href=""" & .Address & """>" & .TextToDisplay & "</a>"
      .Range.Delete
    End With
  Wend
End With
Application.ScreenUpdating = True
End Sub