China Asset Management Co (ChinaAMC), E Fund Management Co and Huatai-PineBridge Fund Management Co said in separate statements on Friday they had received regulatory approval to launch ETFs tracking the benchmark STAR50 index <.STAR50>.

The approval for those ETFs tracking some of the country's most representative tech players in IT, biotechnology and high-end equipment comes at a time when regulators have moved to chill pure speculation in tech-related stocks.

"Compared with investing in individual stocks, ETF investments could lower risks for common investors while providing opportunities for gains along a rising trend," ChinaAMC said in statement.

China's tech stocks have seen a sharp correction over the past weeks as investor sentiment took a big hit after state media warned against speculation in poor-performing firms.

The STAR 50 index <.STAR50> declined 5.6% for the week, its fifth straight week of losses. It's down 24% from a record high hit in mid-July.

The correction mitigates risks for the newly-approved ETFs, which will channel fresh money into the STAR Market.

Regulators wanted to guide investors towards more rational investments based on fundamentals, said Fu Yanping, analyst with China Galaxy Securities.

Beijing has accelerated capital market reforms to fund its technology race with the United States, but walks on a fine line between reviving the market and averting bubble risks.

(Reporting by Samuel Shen, Luoyan Liu and Andrew Galbraith; Editing by Alex Richardson and David Evans)