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Mentor is moving away from the .HYP file format, and replacing it with the more complete .CCE (from Mentor tools) or ODB++ (from just about all layout tools). That said we still have the ability to open up a .hyp file, by typing in the entire path as shown in the picture, but its NOT RECOMMENDED as the .hyp file may be missing some important information.
It worked. I need to basically drag and drop .hyp file in the HyperLynx windows.