Parallels on Mac OS Golden Gate 27.0 Beta stuck at Downloading screen

I have downloaded Parallels Desktop for Mac on my M1 MBP 16GB running MacOS Golden Gate 27.0 beta. When I open it is stuck at downloading screen with
Please check your internet connection message. It is fairly new Mac. I have not installed any proxies are VPN. My network is not an issue. All other apps works but not Parallels.

 

That's the automatic downloader, which is the default version that downloads when you request a trial. Instead, try going to the downloads page here: https://www.parallels.com/products/desktop/download/

Then select "Parallels Desktop 26 for Mac Image" instead of "Automatic Installer".