According to this answer:
We now encode any colons at position 7 or greater, which are not followed by 2 or more numbers.
Unfortunately this breaks links to URLs such as this one: http://www.wowhead.com/zones=8#show:alliance:flightmaster
The link is rendered with the colons encoded and the result is: http://www.wowhead.com/zones=8#show%3aalliance%3aflightmaster
According to this answer, colons are valid characters in hashtags and don't need to be encoded.