As per Fabricator's suggestion amended to include a where clause so you don't overwrite and existing REGNO.
UPDATE students SET REGNO = CONCAT( year_admitted, SERIAL )
WHERE REGNO IS NULL OR REGNO=''
You may have to CAST
year_admitted if it is not already a string
UPDATE students SET REGNO = CONCAT( CAST(year_admitted as CHAR), SERIAL )
WHERE REGNO IS NULL OR REGNO=''
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