We are using SharePoin 2016 on-premise.
I have uploaded our custom favicon to site assets at Url: https://sharepoint.com/sites/abc/SiteAssets/images/Logo48x48.png
In my HTML master page I added this line:
<!--SPM:<SharePoint:SPShortcutIcon runat="server" IconUrl="~sitecollection/SiteAssets/images/Logo48x48.png"/>-->
And end up in the SharePoint page it is requesting for: https://sharepoint.com/sites/pm/~sitecollection/SiteAssets/images/Logo48x48.png?rev=40
~sitecollection become part of URL string. I have tried many different combination and all rendered to different funny result. Could you give me a working example for SharePoint 2016?