I've personally tested the Russian made Ulyanovsk M83 Effect 7.62x39 HP ammo and it fragments just like you'd expect any other high quality high velocity bullet to fragment. It literally goes to pieces. I'm sure I've posted a picture on here before. Simply awesome.
So not all the HP ammo is junk. I've heard that the Wolf HP performs similarly. It won't open up like a flower petal and peel back like a HP pistol bullet, but they DO fragment into pieces, which is perfect for varmints.