Luckin Coffee is an emerging coffee band in China. It created an inexpensive coffee brand operating online and offline and soon successfully got listed on NASDAQ in 2019. However, Luckin Coffee’s financial fraud was revealed in 2020 and it was delisted shortly after. Therefore, this study aims to explain the reason why Luckin Coffee’s financial corruption occurred and suggest the solutions. The study applied the case study method and the financial analysis method to explain the causes of Luckin Coffee’s financial fraud in terms of greed, opportunity, demand, and exposure factors. This study suggests that companies should develop their governance structure and strengthen internal control through case of Luckin Coffee.