diff --git a/dlls/hlink/link.c b/dlls/hlink/link.c
index 4d86764a977..9601a33105e 100644
--- a/dlls/hlink/link.c
+++ b/dlls/hlink/link.c
@@ -32,11 +32,21 @@
 #include "shellapi.h"
 
 #include "wine/debug.h"
+#include "wine/unicode.h"
+
 #include "hlink.h"
 #include "hlguids.h"
 
 WINE_DEFAULT_DEBUG_CHANNEL(hlink);
 
+#define HLINK_SAVE_MAGIC    0x00000002
+#define HLINK_SAVE_MONIKER_PRESENT      0x01
+#define HLINK_SAVE_MONIKER_IS_ABSOLUTE  0x02
+#define HLINK_SAVE_LOCATION_PRESENT     0x08
+#define HLINK_SAVE_FRIENDLY_PRESENT     0x10
+/* 0x20, 0x40 unknown */
+#define HLINK_SAVE_TARGET_FRAME_PRESENT 0x80
+
 static const IHlinkVtbl              hlvt;
 static const IPersistStreamVtbl      psvt;
 static const IDataObjectVtbl         dovt;
@@ -56,6 +66,7 @@ typedef struct
     IMoniker            *Moniker;
     IHlinkSite          *Site;
     DWORD               SiteData;
+    BOOL                absolute;
 } HlinkImpl;
 
 
@@ -242,7 +253,13 @@ static HRESULT WINAPI IHlink_fnSetMonikerReference( IHlink* iface,
 
     This->Moniker = pmkTarget;
     if (This->Moniker)
+    {
+        LPOLESTR display_name;
         IMoniker_AddRef(This->Moniker);
+        IMoniker_GetDisplayName(This->Moniker, NULL, NULL, &display_name);
+        This->absolute = display_name && strchrW(display_name, ':');
+        CoTaskMemFree(display_name);
+    }
 
     HeapFree(GetProcessHeap(), 0, This->Location);
     This->Location = strdupW( pwzLocation );
@@ -650,6 +667,29 @@ static HRESULT WINAPI IPersistStream_fnLoad(IPersistStream* iface,
     return r;
 }
 
+static HRESULT write_hlink_string(IStream *pStm, LPCWSTR str)
+{
+    DWORD len;
+    HRESULT hr;
+
+    TRACE("(%p, %s)\n", pStm, debugstr_w(str));
+
+    len = strlenW(str) + 1;
+
+    hr = IStream_Write(pStm, &len, sizeof(len), NULL);
+    /* FIXME: error checking */
+
+    hr = IStream_Write(pStm, str, len * sizeof(WCHAR), NULL);
+    /* FIXME: error checking */
+
+    return S_OK;
+}
+
+static inline ULONG size_hlink_string(LPCWSTR str)
+{
+    return sizeof(DWORD) + (strlenW(str) + 1) * sizeof(WCHAR);
+}
+
 static HRESULT WINAPI IPersistStream_fnSave(IPersistStream* iface,
         IStream* pStm, BOOL fClearDirty)
 {
@@ -658,17 +698,41 @@ static HRESULT WINAPI IPersistStream_fnSave(IPersistStream* iface,
     DWORD hdr[2];
     IMoniker *moniker;
 
-    FIXME("(%p) Moniker(%p)\n", This, This->Moniker);
+    TRACE("(%p) Moniker(%p)\n", This, This->Moniker);
 
     __GetMoniker(This, &moniker);
+
+    hdr[0] = HLINK_SAVE_MAGIC;
+    hdr[1] = 0;
+
+    if (moniker)
+        hdr[1] |= HLINK_SAVE_MONIKER_PRESENT;
+    if (This->absolute)
+        hdr[1] |= HLINK_SAVE_MONIKER_IS_ABSOLUTE;
+    if (This->Location)
+        hdr[1] |= HLINK_SAVE_LOCATION_PRESENT;
+    if (This->FriendlyName)
+        hdr[1] |= HLINK_SAVE_FRIENDLY_PRESENT | 4 /* FIXME */;
+    if (This->TargetFrameName)
+        hdr[1] |= HLINK_SAVE_TARGET_FRAME_PRESENT;
+
+    IStream_Write(pStm, &hdr, sizeof(hdr), NULL);
+
+    if (This->TargetFrameName)
+    {
+        r = write_hlink_string(pStm, This->TargetFrameName);
+        if (FAILED(r)) goto end;
+    }
+
+    if (This->FriendlyName)
+    {
+        r = write_hlink_string(pStm, This->FriendlyName);
+        if (FAILED(r)) goto end;
+    }
+
     if (moniker)
     {
         IPersistStream* monstream;
-        /* FIXME: Unknown values in the header */
-        hdr[0] = 2;
-        hdr[1] = 2;
-
-        IStream_Write(pStm, &hdr, sizeof(hdr), NULL);
 
         monstream = NULL;
         IMoniker_QueryInterface(moniker, &IID_IPersistStream,
@@ -680,6 +744,14 @@ static HRESULT WINAPI IPersistStream_fnSave(IPersistStream* iface,
         }
         IMoniker_Release(moniker);
     }
+
+    if (This->Location)
+    {
+        r = write_hlink_string(pStm, This->Location);
+        if (FAILED(r)) goto end;
+    }
+
+end:
     TRACE("Save Result 0x%x\n", r);
 
     return r;
@@ -692,7 +764,15 @@ static HRESULT WINAPI IPersistStream_fnGetSizeMax(IPersistStream* iface,
     HlinkImpl *This = HlinkImpl_from_IPersistStream(iface);
     IMoniker *moniker;
 
-    FIXME("(%p) Moniker(%p)\n", This, This->Moniker);
+    TRACE("(%p) Moniker(%p)\n", This, This->Moniker);
+
+    pcbSize->QuadPart = sizeof(DWORD)*2;
+
+    if (This->TargetFrameName)
+        pcbSize->QuadPart += size_hlink_string(This->TargetFrameName);
+
+    if (This->FriendlyName)
+        pcbSize->QuadPart += size_hlink_string(This->FriendlyName);
 
     __GetMoniker(This, &moniker);
     if (moniker)
@@ -702,14 +782,17 @@ static HRESULT WINAPI IPersistStream_fnGetSizeMax(IPersistStream* iface,
                 (LPVOID*)&monstream);
         if (monstream)
         {
-            r = IPersistStream_GetSizeMax(monstream, pcbSize);
-            /* FIXME: Handle ULARGE_INTEGER correctly */
-            pcbSize->u.LowPart += sizeof(DWORD)*2;
+            ULARGE_INTEGER mon_size;
+            r = IPersistStream_GetSizeMax(monstream, &mon_size);
+            pcbSize->QuadPart += mon_size.QuadPart;
             IPersistStream_Release(monstream);
         }
         IMoniker_Release(moniker);
     }
 
+    if (This->Location)
+        pcbSize->QuadPart += size_hlink_string(This->Location);
+
     return r;
 }
 
diff --git a/dlls/hlink/tests/hlink.c b/dlls/hlink/tests/hlink.c
index 8854e79196e..172d7b708fb 100644
--- a/dlls/hlink/tests/hlink.c
+++ b/dlls/hlink/tests/hlink.c
@@ -20,6 +20,8 @@
 
 #define COBJMACROS
 
+#include <stdio.h>
+
 #include <hlink.h>
 #include <hlguids.h>
 
@@ -61,7 +63,7 @@ static void test_HlinkIsShortcut(void)
     }
 }
 
-START_TEST(hlink)
+static void test_reference(void)
 {
     HRESULT r;
     IHlink *lnk = NULL;
@@ -70,10 +72,8 @@ START_TEST(hlink)
     const WCHAR url2[] = { 'h','t','t','p',':','/','/','w','i','n','e','h','q','.','o','r','g','/',0 };
     LPWSTR str = NULL;
 
-    CoInitialize(NULL);
-
     r = HlinkCreateFromString(url, NULL, NULL, NULL,
-                                0, NULL, &IID_IHlink, (LPVOID*) &lnk);
+                              0, NULL, &IID_IHlink, (LPVOID*) &lnk);
     ok(r == S_OK, "failed to create link\n");
     if (FAILED(r))
         return;
@@ -105,6 +105,224 @@ START_TEST(hlink)
     r = IHlink_GetStringReference(lnk, HLINKGETREF_DEFAULT, NULL, &str);
     ok(r == S_OK, "failed\n");
     ok(str == NULL, "string should be null\n");
+}
+
+/* url only */
+static const unsigned char expected_hlink_data[] =
+{
+    0x02,0x00,0x00,0x00,0x03,0x00,0x00,0x00,
+    0xe0,0xc9,0xea,0x79,0xf9,0xba,0xce,0x11,
+    0x8c,0x82,0x00,0xaa,0x00,0x4b,0xa9,0x0b,
+    0x26,0x00,0x00,0x00,0x68,0x00,0x74,0x00,
+    0x74,0x00,0x70,0x00,0x3a,0x00,0x2f,0x00,
+    0x2f,0x00,0x77,0x00,0x69,0x00,0x6e,0x00,
+    0x65,0x00,0x68,0x00,0x71,0x00,0x2e,0x00,
+    0x6f,0x00,0x72,0x00,0x67,0x00,0x2f,0x00,
+    0x00,0x00,
+};
+
+/* url + friendly name */
+static const unsigned char expected_hlink_data2[] =
+{
+    0x02,0x00,0x00,0x00,0x17,0x00,0x00,0x00,
+    0x08,0x00,0x00,0x00,0x57,0x00,0x69,0x00,
+    0x6e,0x00,0x65,0x00,0x20,0x00,0x48,0x00,
+    0x51,0x00,0x00,0x00,0xe0,0xc9,0xea,0x79,
+    0xf9,0xba,0xce,0x11,0x8c,0x82,0x00,0xaa,
+    0x00,0x4b,0xa9,0x0b,0x26,0x00,0x00,0x00,
+    0x68,0x00,0x74,0x00,0x74,0x00,0x70,0x00,
+    0x3a,0x00,0x2f,0x00,0x2f,0x00,0x77,0x00,
+    0x69,0x00,0x6e,0x00,0x65,0x00,0x68,0x00,
+    0x71,0x00,0x2e,0x00,0x6f,0x00,0x72,0x00,
+    0x67,0x00,0x2f,0x00,0x00,0x00,
+};
+
+/* url + friendly name + location */
+static const unsigned char expected_hlink_data3[] =
+{
+    0x02,0x00,0x00,0x00,0x1f,0x00,0x00,0x00,
+    0x08,0x00,0x00,0x00,0x57,0x00,0x69,0x00,
+    0x6e,0x00,0x65,0x00,0x20,0x00,0x48,0x00,
+    0x51,0x00,0x00,0x00,0xe0,0xc9,0xea,0x79,
+    0xf9,0xba,0xce,0x11,0x8c,0x82,0x00,0xaa,
+    0x00,0x4b,0xa9,0x0b,0x26,0x00,0x00,0x00,
+    0x68,0x00,0x74,0x00,0x74,0x00,0x70,0x00,
+    0x3a,0x00,0x2f,0x00,0x2f,0x00,0x77,0x00,
+    0x69,0x00,0x6e,0x00,0x65,0x00,0x68,0x00,
+    0x71,0x00,0x2e,0x00,0x6f,0x00,0x72,0x00,
+    0x67,0x00,0x2f,0x00,0x00,0x00,0x07,0x00,
+    0x00,0x00,0x5f,0x00,0x62,0x00,0x6c,0x00,
+    0x61,0x00,0x6e,0x00,0x6b,0x00,0x00,0x00,
+};
+
+/* relative url */
+static const unsigned char expected_hlink_data4[] =
+{
+    0x02,0x00,0x00,0x00,0x01,0x00,0x00,0x00,
+    0x03,0x03,0x00,0x00,0x00,0x00,0x00,0x00,
+    0xc0,0x00,0x00,0x00,0x00,0x00,0x00,0x46,
+    0x00,0x00,0x0b,0x00,0x00,0x00,0x69,0x6e,
+    0x64,0x65,0x78,0x2e,0x68,0x74,0x6d,0x6c,
+    0x00,0xff,0xff,0xad,0xde,0x00,0x00,0x00,
+    0x00,0x00,0x00,0x00,0x00,0x00,0x00,0x00,
+    0x00,0x00,0x00,0x00,0x00,0x00,0x00,0x00,
+    0x00,0x00,0x00,0x00,0x00,
+};
+
+/* url + target frame name */
+static const unsigned char expected_hlink_data5[] =
+{
+    0x02,0x00,0x00,0x00,0x83,0x00,0x00,0x00,
+    0x07,0x00,0x00,0x00,0x74,0x00,0x67,0x00,
+    0x74,0x00,0x66,0x00,0x72,0x00,0x6d,0x00,
+    0x00,0x00,0xe0,0xc9,0xea,0x79,0xf9,0xba,
+    0xce,0x11,0x8c,0x82,0x00,0xaa,0x00,0x4b,
+    0xa9,0x0b,0x26,0x00,0x00,0x00,0x68,0x00,
+    0x74,0x00,0x74,0x00,0x70,0x00,0x3a,0x00,
+    0x2f,0x00,0x2f,0x00,0x77,0x00,0x69,0x00,
+    0x6e,0x00,0x65,0x00,0x68,0x00,0x71,0x00,
+    0x2e,0x00,0x6f,0x00,0x72,0x00,0x67,0x00,
+    0x2f,0x00,0x00,0x00,
+};
+
+/* filename */
+static const unsigned char expected_hlink_data6[] =
+{
+     0x02,0x00,0x00,0x00,0x03,0x00,0x00,0x00,
+     0x03,0x03,0x00,0x00,0x00,0x00,0x00,0x00,
+     0xc0,0x00,0x00,0x00,0x00,0x00,0x00,0x46,
+     0x00,0x00,0x04,0x00,0x00,0x00,0x63,0x3a,
+     0x5c,0x00,0xff,0xff,0xad,0xde,0x00,0x00,
+     0x00,0x00,0x00,0x00,0x00,0x00,0x00,0x00,
+     0x00,0x00,0x00,0x00,0x00,0x00,0x00,0x00,
+     0x00,0x00,0x0c,0x00,0x00,0x00,0x06,0x00,
+     0x00,0x00,0x03,0x00,0x63,0x00,0x3a,0x00,
+     0x5c,0x00,
+};
+
+static void test_persist_save_data(const char *testname, IHlink *lnk,
+                                   const unsigned char *expected_data,
+                                   unsigned int expected_data_size)
+{
+    HRESULT hr;
+    IStream *stream;
+    IPersistStream *ps;
+    HGLOBAL hglobal;
+    DWORD data_size;
+    const unsigned char *data;
+    DWORD i;
+    BOOL same;
+
+    hr = IHlink_QueryInterface(lnk, &IID_IPersistStream, (void **)&ps);
+    ok(hr == S_OK, "IHlink_QueryInterface failed with error 0x%08x\n", hr);
+
+    hr = CreateStreamOnHGlobal(NULL, TRUE, &stream);
+    ok(hr == S_OK, "CreateStreamOnHGlobal failed with error 0x%08x\n", hr);
+
+    hr = IPersistStream_Save(ps, stream, TRUE);
+    ok(hr == S_OK, "IPersistStream_Save failed with error 0x%08x\n", hr);
+
+    hr = GetHGlobalFromStream(stream, &hglobal);
+    ok(hr == S_OK, "GetHGlobalFromStream failed with error 0x%08x\n", hr);
+
+    data_size = GlobalSize(hglobal);
+
+    data = GlobalLock(hglobal);
+
+    /* first check we have the right amount of data */
+    ok(data_size == expected_data_size,
+       "%s: Size of saved data differs (expected %d, actual %d)\n",
+       testname, expected_data_size, data_size);
+
+    same = TRUE;
+    /* then do a byte-by-byte comparison */
+    for (i = 0; i < min(data_size, expected_data_size); i++)
+    {
+        if ((expected_data[i] != data[i]) &&
+            (((expected_data != expected_hlink_data2) &&
+              (expected_data != expected_hlink_data3)) ||
+             ((i < 52 || i >= 56) && (i < 80 || i >= 84))))
+        {
+            same = FALSE;
+            break;
+        }
+    }
+
+    ok(same, "%s: Saved data differs\n", testname);
+    if (!same)
+    {
+        for (i = 0; i < data_size; i++)
+        {
+            if (i % 8 == 0) printf("    ");
+            printf("0x%02x,", data[i]);
+            if (i % 8 == 7) printf("\n");
+        }
+        printf("\n");
+    }
+
+    GlobalUnlock(hglobal);
+
+    IStream_Release(stream);
+    IPersistStream_Release(ps);
+}
+
+static void test_persist(void)
+{
+    static const WCHAR url[] = { 'h','t','t','p',':','/','/','w','i','n','e','h','q','.','o','r','g',0 };
+    static const WCHAR rel_url[] = { 'i','n','d','e','x','.','h','t','m','l',0 };
+    static const WCHAR filename[] = { 'c',':','\\',0 };
+    static const WCHAR friendly_name[] = { 'W','i','n','e',' ','H','Q',0 };
+    static const WCHAR location[] = { '_','b','l','a','n','k',0 };
+    static const WCHAR target_frame_name[] = { 't','g','t','f','r','m',0 };
+    HRESULT hr;
+    IHlink *lnk;
+
+    hr = HlinkCreateFromString(url, NULL, NULL, NULL,
+                               0, NULL, &IID_IHlink, (LPVOID*) &lnk);
+    ok(hr == S_OK, "IHlinCreateFromString failed with error 0x%08x\n", hr);
+    test_persist_save_data("url only", lnk, expected_hlink_data, sizeof(expected_hlink_data));
+    IHlink_Release(lnk);
+
+    hr = HlinkCreateFromString(url, NULL, friendly_name, NULL,
+                               0, NULL, &IID_IHlink, (LPVOID*) &lnk);
+    ok(hr == S_OK, "IHlinCreateFromString failed with error 0x%08x\n", hr);
+    test_persist_save_data("url + friendly name", lnk, expected_hlink_data2, sizeof(expected_hlink_data2));
+    IHlink_Release(lnk);
+
+    hr = HlinkCreateFromString(url, location, friendly_name, NULL,
+                               0, NULL, &IID_IHlink, (LPVOID*) &lnk);
+    ok(hr == S_OK, "IHlinCreateFromString failed with error 0x%08x\n", hr);
+    test_persist_save_data("url + friendly_name + location", lnk, expected_hlink_data3, sizeof(expected_hlink_data3));
+    IHlink_Release(lnk);
+
+    hr = HlinkCreateFromString(rel_url, NULL, NULL, NULL,
+                               0, NULL, &IID_IHlink, (LPVOID*) &lnk);
+    ok(hr == S_OK, "IHlinCreateFromString failed with error 0x%08x\n", hr);
+    test_persist_save_data("relative url", lnk, expected_hlink_data4, sizeof(expected_hlink_data4));
+    IHlink_Release(lnk);
+
+    hr = HlinkCreateFromString(url, NULL, NULL, NULL,
+                               0, NULL, &IID_IHlink, (LPVOID*) &lnk);
+    ok(hr == S_OK, "IHlinCreateFromString failed with error 0x%08x\n", hr);
+    hr = IHlink_SetTargetFrameName(lnk, target_frame_name);
+    ok(hr == S_OK, "IHlink_SetTargetFrameName failed with error 0x%08x\n", hr);
+    test_persist_save_data("url + target frame name", lnk, expected_hlink_data5, sizeof(expected_hlink_data5));
+    IHlink_Release(lnk);
+
+    hr = HlinkCreateFromString(filename, NULL, NULL, NULL,
+                               0, NULL, &IID_IHlink, (LPVOID*) &lnk);
+    ok(hr == S_OK, "IHlinCreateFromString failed with error 0x%08x\n", hr);
+    test_persist_save_data("filename", lnk, expected_hlink_data6, sizeof(expected_hlink_data6));
+    IHlink_Release(lnk);
+}
+
+START_TEST(hlink)
+{
+    CoInitialize(NULL);
 
     test_HlinkIsShortcut();
+    test_reference();
+    test_persist();
+
+    CoUninitialize();
 }