Thank you for replies.

I just used VMware Converter for V2V (seems more practical for me)

The trick was to enable Root user and enable SSH connection for Root user so that VMware Converter can start the conversion process.

There were some errors about registration and updater service, so I applied the following guide (although I am not sure if this solved the issue):

https://xcp-ng.org/forum/topic/5990/register-instance-of-xo-running-on-hyper-v/4?_=1742821441300

Now everything is working as expected.

Thank you.