Instantiating HyperLink control object on the fly

Here's how I would do it:

' Default.aspx
<asp:TextBox ID="txtUrl" runat="server" />
<asp:Button ID="btnAdd" runat="server" Text="Add" />
<ul id="ulLinks" runat="server" style="list-style: none" />

' Default.aspx.vb
Protected Links As ArrayList

Protected Sub Page_Load(ByVal sender As Object, _
ByVal e As System.EventArgs) Handles Me.Load
' If ViewState contains list of links...
If Not ViewState.Item("Links") Is Nothing Then
' Convert to ArrayList
Links = DirectCast(ViewState.Item("Links"), ArrayList)

' Loop through list, creating a hyperlink
' for each item and adding to <ul>
For Each o As Object In Links
Dim url As String = o.ToString
Dim link As New HyperLink
link.Text = url
link.NavigateUrl = url

Dim item As New HtmlGenericControl
item.InnerHtml = "<li></li>"
item.Controls.Add(link)
ulLinks.Controls.Add(item)
Next
End If
End Sub

Protected Sub btnAdd_Click(ByVal sender As Object, _
ByVal e As System.EventArgs) Handles btnAdd.Click
' Create new hyperlink based on txtUrl
Dim link As New HyperLink()
link.Text = txtUrl.Text
link.NavigateUrl = txtUrl.Text

' Add hyperlink to <ul>
Dim item As New HtmlGenericControl
item.InnerHtml = "<li></li>"
item.Controls.Add(link)
ulLinks.Controls.Add(item)

' Add link to Links collection and persist in ViewState
If Links Is Nothing Then Links = New ArrayList
Links.Add(txtUrl.Text)
ViewState.Item("Links") = Links
End Sub