Pupster, the 103/105 and most previous OPPO models did incorporate HDCD decoding but unfortunately, the 203/205 do NOT. It will read as a regular CD [44.1/16] where 'supposedly' the HDCD encode/decode was 20 bit although my pre/pro still showed 44.1/16. It baffles the mind!
The only label, AFAIK, which currently releases HDCD encoded CDs is Reference Recording......they even incorporate it on the CD layer of their multichannel SACDs. BTW, Professor Johnson [of Reference Recordings] was one of the originators of the HDCD process.
You see, Pupster, you learn something NEW every day.