In a large bowl, stir together the yeast and warm water. Mix and set aside for 5-10 minutes or until foamy
Mix in the evaporated milk, 1/3 cup sugar, salt, butter, egg, cinnamon, and 2 cups of flour.
Stop mixing and scrape down the sides of the bowl. Gradually add the remaining flour
Turn the dough out onto a floured counter. Knead for 6 to 8 minutes, or use a dough hook until smooth.
Place the dough in a greased bowl. Turn the dough to coat the bottom. Cover with plastic wrap or a kitchen towel.
Let rise in a warm place until it has doubled in size. About 1 hour.
While the dough is rising, make the topping
In a bowl, beat 1 cup powdered sugar and butter until light and fluffy.
Scrape the sides of the bowl, making sure to mix everything. Stir in the flour, baking powder, shortening, and vanilla extract.
Mix until the mixture is the consistency of a thick paste
Divide into three parts, and place each part in separate bowls.
Add cocoa powder to one of the bowls, and mix until fully incorporated.
Add pink food coloring about 5-6 drops to one of the bowls, and mix until fully incorporated
When the dough is done rising, cut it into 12 pieces. Make sure the dough pieces are the same size, or they will not bake evenly.
Shape the dough into balls. Place on a greased cookie sheet.
Space the dough pieces out about 3 inches apart. Gently press them down with your hand.
Make 4 balls each of pink, chocolate, and vanilla topping mixture.
Place each ball between wax paper. Using a rolling pin, roll out the balls enough to cover the dough balls.
Place the rolled-out topping on top of the dough balls. Pat down lightly.
Use a knife to cut the grooves in the topping like a shell or criss-cross, do not cut all the way through the topping.
Cover and let rise until doubled. About 45 minutes.
Preheat the oven to 375° F. Bake for 20 minutes. Allow conchas to cool