Photoemission studies on the electronic structure of high-Tc superconducting Cu oxides have been made, and the results can be summarized as follows : 1) The Cu 3 d elertrons are localized as a spin-1/2 d9 configuration due to strong intra-atomic Coulomb interaction. 2) However, hybridization between the localized Cu 3 d states and the band-like O 2p states is strong in the ground state, and thus resuts in a net d occupation of about 9.5 and a magnetic moment of about 0.5 μB per Cu atom. This is in good agreement with neutron experiment. 3) Doped holes are predominantly O 2p-like rather than Cu 3d-like. 4) From these, attractive interaction between O 2p holes mediated by fluctuations of the Cu 3d spins would be a most likely candidate for the cooper pairing mechanism.